How is Your Innovation Strategy Working [Best Practice]

Why Innovation Matters

According an article in the February 7^th, 2012 edition of The International Herald Tribune, entitled, “In curing economic woes, innovation matters”, the number of patents filed per country is a very good indicator of their potential ability to improve their economic performance. 

 

We agree.

According to our analysis, we have found a very high correlation between the patents filed per million inhabitants and median household income.  We include the three countries mentioned in the article as well as 3 U.S. states, California, Texas, and Indiana, each of which has unique characteristics we thought were relevant.

 

Country/State	Patents Per Million-2010	Median Household Income (PPP)-2007
Germany	355	21241
Indiana	259	48697
Czech	16	12596
Ireland	112	24677
Texas	319	46856
California	807	58253
Spain	42	18291

 

As you can see, as the number of patents filed per million inhabitants rises, you see a dramatic rise in Median Household Income, no matter how you measure it. 

 

We have even prepared an xCelsius based dashboard for you to use to explore the relationship among the various states income and patents within the U.S.

 

 

 GDP vs Patents Dashboard Using Xcelsius

 

Want to know how to build an xCelsius Dashboard like this?  You can get started by learning about some Dashboard Best Practices here. 

 

Possible answers include:

• Locate your company where they are already leading innovators
  
  
• Use it to raise awareness of the pay-off of innovation, both within your company and within your country
  
  
• Demonstrate the need for streamlined patent processes to your patent and trademark office.

 

We can show you how to use these analytical tools to increase your rate of innovation and improve your innovation strategy.

 

 

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Thanks